00:00 China Bank holiday

03:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%

03:30 Australia RBA Rate Statement

The yen ended a four-day advance against the euro after BOJ data showed the nation’s monetary base posted the second-biggest surge on record. A 52 percent jump in Japan’s monetary base in January was the biggest on record after a 53 percent climb in November. The balance stood at 200.9 trillion yen ($1.98 trillion), which the central bank plans to increase to 270 trillion yen by the end of this year.

The central bank is doubling the provision of money in two years to combat deflation. The BOJ’s easing has had the intended impact so far, Governor Haruhiko Kuroda told Japanese parliament today. Annual inflation will accelerate toward the central bank’s goal of 2 percent from the end of the current fiscal year in March 2015 to the following 12-month period, Kuroda said.

The Australian dollar rose after the Reserve Bank left interest unchanged and said conditions in emerging markets are considerably more challenging than a year ago. Government bonds pared gains.

The euro depreciated versus the dollar before the European Central Bank meets this week as concern over weakening inflation in the region grows.

EUR / USD: during the Asian session the pair fell to $ 1.3505

GBP / USD: during the Asian session the pair fell to $ 1.6280

USD / JPY: during the Asian session, the pair rose to Y101.40

There is another busy day Tuesday, as investors continue to ride the latest correction in global equity markets. With the reversal in part led by weakness in Emerging Markets, investors will await with caution the press conference from German Chancellor Merkel and Turkish PM Erdogan. Early German data will see the release of the German January car registration data, followed at 0900GMT by the publication of the German December machine orders. Also at 0900GMT, ECB Governing Council member Ignazio Visco will speak on the "Legitimacy and a well functioning financial system", in Rome. Italian flash HICP data for January will also be released at 0900GMT, with analysts looking for a rise of 0.6% on year. There is only limited UK data set for release Tuesday, with only the January CIPS/Markit Construction PMI numbers set to cross the wires. At 1000GMT, the EMU December PPI numbers will be released. There is only limited UK data set for release Tuesday, with only the January CIPS/Markit Construction PMI numbers set to cross the wires. At 1500GMT, Chancellor of the Exchequer George Osborne will answer Treasury questions in Parliament, while at 1530GMT, BOE MPC member Andy Haldane speaks in Oxford.